UK Unemployment higher for December

UK unemployed now stands at 2.67 million, which represents 8.4% of the workforce and over 1 million youngsters are now sitting on the employment sidelines. With the Government shedding jobs in the public centre and the private sector suffering from the recession and the battering high street companies are taking from the economic situation and internet competition, it is going to get worse before it turns around.

Unemployment data is known as a lagging indicator, always the last statistic to improve in a recession, which is why it is such a big deal when the US showed an improvement in their jobs market recently.

Here in the UK, we have had eight straight months when the numbers have increased and analysts widely expect the total number of unemployed to reach 3,000,000 before any improvement is seen.

This is such a headline number that the Government will move heaven and earth to avoid it being posted but it will be a close run thing, probably due in Q3 this year.